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News Releases

MINNEAPOLIS--(BUSINESS WIRE)--Nov. 9, 2017--
Piper
Jaffray Companies (NYSE: PJC), a leading investment bank and asset
management firm, today announced that its Board of Directors has
approved a new dividend policy intended to return from 30% to 50% of its
non-GAAP net income to shareholders each year, beginning with fiscal
year 2017. After taking into account the regular quarterly dividends
made during the year, the Board of Directors intends to declare an
annual special dividend payable in the first quarter of each year to
return from 30% to 50% of its non-GAAP net income from the previous
fiscal year. The Board of Directors also intends to increase its regular
quarterly dividend by 20% from $0.3125 per share to $0.375 per share
beginning in the first quarter of fiscal year 2018.

“Today’s announcement is a result of the tremendous progress that we’ve
made over the past five years to grow our advisory business, which
generates significant earnings and requires less capital to operate,”
said Andrew
S. Duff, chairman and CEO of Piper Jaffray. “This new policy is
intended to be a consistent component of our capital deployment
strategy, and another means of providing returns to our shareholders.
The level of earnings we are now generating allows us to take a balanced
approach of returning capital to our shareholders while continuing to
invest in the business to drive growth and enhance shareholder returns.
We will continue to pursue both organic and strategic opportunities that
we believe make sense for our company and shareholders.”

The Piper Jaffray Board of Directors will continue to review the
dividend policy as part of the company’s commitment to maximizing
shareholder value, taking into consideration overall financial
performance and market conditions.

Cautionary Note Regarding Forward-Looking InformationThis
press release contains forward-looking statements. Statements that are
not historical or current facts, including statements about beliefs and
expectations, are forward-looking statements and are subject to
significant risks and uncertainties that are difficult to predict. These
forward-looking statements cover, among other things, statements made
about our intent and ability to pay annual and quarterly dividends to
our shareholders, or other similar matters. Forward-looking statements
involve inherent risks and uncertainties, both known and unknown, and
important factors could cause actual results to differ materially from
those anticipated or discussed in the forward-looking statements. A
further listing and description of these and other risks, uncertainties
and important factors can be found in the sections titled “Risk Factors”
in Part I, Item 1A of our Annual Report on Form 10-K for the year ended
December 31, 2016 and “Management's Discussion and Analysis of Financial
Condition and Results of Operations” in Part II, Item 7 of our Annual
Report on Form 10-K for the year ended December 31, 2016, and updated in
our subsequent reports filed with the SEC (available at our website at piperjaffray.com
and at the SEC website at sec.gov).

Forward-looking statements speak only as of the date they are made, and
readers are cautioned not to place undue reliance on them. We undertake
no obligation to update them in light of new information or future
events.